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November 27, 2007 |
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* VENEZUELA: Ups Local Bond Sale to US$849.7 Million The Venezuelan government has increased to US$849.7 million the amount of its bonds in dollar and bolivar denominations to meet demands from local investors, Bloomberg News reports. The original sale was set for US$500 million but demand for dollars were high. Of the total bonds sold, dollar-denominated bonds due 2038 account for US$424.8 million in dollar- denominated, while US$221.4 million were bolivar-denominated due 2013 and 2014. The sale, according to Bloomberg, helped to strengthen the bolivar in the unregulated, parallel market. Exchange controls require Venezuelans to go to the parallel market when they can't get permission from the government to buy dollars at the official rate of 2,150 a dollar. "If the government continues to sell bonds like this regularly, the bolivar is going to keep strengthening," Nelson Corrie, head trader at Caracas-based brokerage Interacciones Mercado de Capitales, told Bloomberg. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 15, 2007, Fitch Ratings assigned these ratings to the Bolivarian Republic of Venezuela's bonds under the 'El Venezolano I' combined offer: -- US$750 million 30-year Eurobond, 7% coupon 'BB-'; -- VEB806.250 billion 7-year variable coupon bond 'BB-'; -- VEB806.250 billion 8-year, variable coupon bond 'BB-'. |
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